All Latest News
CURRENT AFFAIRS BOOSTER : 4th & 5th JUNE 2023
Current Affairs
4th & 5th June 2023
NATIONAL AFFAIRS
1) MoRTH allows e-Bank Guarantee, Insurance Surety Bonds as bid & Performance Security in BID, HAM & EPC Projects
The Ministry of Road Transport
and Highways (MoRTH) has approved the acceptance of e-Bank Guarantee (BG) and
Insurance Surety Bonds as a bid security and performance security in standard
documents (Request for Proposal (RFP) and Modet concession Agreement (MCA)) of
Engineering, Procurement, and Construction (EPC), Hybrid Annuity Model (HAM)
and Build-Operate-Transfer (BOT) (Toll) projects.
·
This decision follows recent
amendments by the Department of Expenditure, Ministry of Finance in General
Financial Rules (GFRs) 2017 relating to inclusion of e-BG and
Insurance Surety Bonds as means to accept bid security and performance security.
Key Points:
i.As per the approval, existing contracts including road
development, toll contracts, ropewaysand any other contract wherein Ministry
has prescribed a BG can be replaced with insurance surety bonds.
ii.Physical bank guarantees (being taken as bid security or
performancesecurity) may be accepted if e-bank guarantees are not feasible.
iii.The introduction of surety bond insurance reduces the reliance on
bank guarantees for infrastructure developers and provides risk transfer and
financial protection in case of non-performance.
·
It also requires less
collateral and frees up funds for business growth.
iv.In December 2022, Union Minister Nitin Gadkari,
Ministry of Finance, launched the country’s first-ever surety bond insurance
product to reduce the dependence on infrastructure developers on BG.
v.Recently, the Ministry of Finance has agreed to
allow contractors engaged by state-owned National Highways Authority of India
(NHAI) and National Highways & Infrastructure Development Corporation Ltd (NHIDCL)
to convert their bank guarantees into insurance surety bonds.
Static Points:
i.A Bank Guarantee (BG) is a financial instrument used as a legal
contract in which a bank acts as a guarantor and undertakes an obligation to
pay the beneficiary a certain amount of money specified in the guarantee, if
the debtor from the original contract does not fulfill his contractual
obligations.
ii.Insurance Surety Bonds are instruments where insurance companies act
as ‘Surety’ and provides the financial guarantee that the contractor will
fulfil its obligation as per the agreed terms.
iii.Ministry of Finance, has made e-BG and Insurance Surety Bonds at par
for all Government procurements.
2) G20 3rd Employment Working Group Meeting held in Geneva
The 3rd Employment Working
Group (EWG) meeting under the G20 (Group of Twenty) Indian Presidency was
successfully held from May 31st to June 2nd, 2023, at the International Labour
Organization (ILO) headquarters in Geneva, Switzerland.
·
It was chaired by Ms.
Arti Ahuja, G20 EWG Chair, and Secretary, Labour and Employment.
Participation:
i.Delegates representing 78 G20 Members countries, 09 guest countries,
and 04 International Organizations attended the meeting.
ii.The Ministry of Labour & Employment’s
international knowledge partners i.e. International Labour Organisation ILO),
Organisation for Economic Cooperation & Development (OECD), International
Social Security Association (ISSA), World Bank (WB) and a domestic knowledge
partner i.e. Ministry of Skill Development & Entrepreneurship, Government
of India, attended the meeting to provide their technical expertise to the
group.
Key Points:
i.The members reached a broad agreement on the draft Ministerial
Communique and Outcome documents related to the three G20 EWG’s priority areas.
ii.The discussions included progress updates on Antalya and Brisbane
Targets by the ILO and Organization for Economic Cooperation and Development
(OECD), highlighting the need for accelerated efforts to meet the goals.
iii.Key outcomes under the Indian Presidency include the development of
an international reference classification of occupations and the extension of
ILO and OECD’s Skills for Jobs Database to G20 countries to address global
skill gaps.
iv.Commitments were also made to provide social protection for gig and
platform workers and ensure sustainable financing.
v.3 key priority areas for EWG 2023 selected by the Indian Presidency
include – Addressing global skill gaps, Gig and platform economy and social protection,
and Sustainable financing of social protection.
Note:The fourth and final meeting of the EWG and the Labour and
Employment Ministers Meeting is scheduled for 19th -21st July, 2023 at Indore,
Madhya Pradesh.
· The 2nd EWG meeting was held at Guwahati, Assam.
3) Indian Army’s Sapta Shakti Command Conducted “Sudarshan Shakti 2023” Exercise Along Western Border
South Western (Sapta Shakti)
Command of the Indian Army (IA)
conducted a 4-day exercise “Sudarshan Shakti 2023” from 22nd to 25th May
2023 along the Western borders in Rajasthan and Punjab.
·
Exercise ‘Sudarshan Shakti
2023’, was designed to validate operational preparedness of the Indian
Army in a network-centric environment.
·
The joint war exercise
included the participation of various units from the Indian Army and other
defence forces to test their readiness and capability in dealing with different
scenarios.
Key Points:
i. The Indian Army’s elements of combat power, combat support and
logistic support were exercised in a synergised application under all domains
of enemy threat including Grey Zone Warfare as part of high tempo operations.
ii. The exercise is considered a unique event in its scope and objective
as it is aimed to counter electronic warfare.
iii. Special Forces and niche technologies covering drones, tethered
drones, loiter ammunition were deployed during the military drill.
iv. Shatrujeet Brigade (50th Independent Para Brigade), which is a
formation of the Indian army and the Western Command prominently took part in
the exercise.
Key People:
General B.S. Raju- South Western Command’s General Officer Commanding-In-Chief;
Air Marshal P.M. Sinha- Western Air Command’s Air Officer Commanding-In-Chief
were present during the war drills.
Note: This exercise fulfilled the stated objectives of the five
pillars of transformation announced by Chief of the Army Staff (COAS)
General Manoj Pandey in January 2023, the 5 pillars of the transformation are:
·
Operational preparedness
·
Force modernization
·
Human resource development
·
Strategic partnerships
·
Jointness among the armed
forces.
Indian Army and Indian Air
Force Joint Exercise:
i. C-130J Super Hercules, C-17 Globemaster and AN-32 aircraft were used
to insert troops and specialised equipment into designated areas in the
obstacle-ridden terrain with clinical precision.
ii. A high level of operational preparedness and synergy was displayed
between Western Command, strategic forces and the Indian Air Force (IAF) to
undertake integrated operations in an obstacle-ridden terrain.
iii.This partnership is an excellent example of jointness and
interoperability between the two forces during various operational scenarios.
4) Indian Navy & IMU signed MoU for Technical Collaboration
On 2nd June 2023, Indian
Navy and the Indian Maritime University(IMU), headquartered at Chennai(Tamil
Nadu), signed a Memorandum of Understanding(MoU) for Technical Collaboration.
The MoU enable collaboration in areas of training, joint research and development,
collaborative training, and field-level problem solving by teams from the
Centre of Excellence(CoE) (Marine Engineering), Indian Navy Ship(INS)
Shivaji, Lonavala(Maharashtra), and IMU.
· The MoU was signed by Vice Admiral Sandeep Naithani, Chief of Equipment, and Dr. Malini V Shankar, IAS (Retired), Vice Chancellor of IMU in New Delhi, Delhi.
INTERNATIONAL AFFAIRS
5) THE Impact Ranking 2023: Amrita Vishwa Vidyapeetham tops Indian Universities
Amrita Vishwa
Vidyapeetham (Amrita
University), Coimbatore, Tamil Nadu, has emerged as the top Indian
university on the Times Higher Education(THE) Impact Rankings 2023.
2023 Impact Rankings is the 5th edition of THE Impact ranking.
·
Globally, Amrita University is
ranked 52 among the 1,591 universities from 112 countries.
·
Western Sydney University in
Australia has topped the overall ranking followed by University of Manchester,
in the United Kingdom(UK) and Queen’s University in Canada.
Indian University among top
100 under Each SDG:
·
For SDG 1: No Poverty: JSS Academy of Higher Education and
Research (Mysuru, Karnataka) is ranked 65th.
·
For SDG 2: Zero Hunger: LPU is ranked 41st.
·
For SDG 3: Good Health and
Well Being: JSS Academy is ranked 16th and Amrita university is
ranked 23rd and Sri Ramachandra Institute of Higher Education and Research
(Chennai, TN) is ranked 83rd.
Recent Related News:
According to the ‘Times
Higher Education World University Rankings 2023’, the Indian
Institute of Science, Bengaluru (IISc Bengaluru) in Karnataka has secured
the number one spot among Indian universities.
·
IISc Bengaluru is Ranked No. 1
among Indian institutions, falling into the 251-300 band after spending three
years in the 301-350 band.
·
It is also the only university
in India to make the top 300 list.
About Times Higher
Education(THE):
Mission: To be the definitive source of data, insight, and expertise on
higher education around the world.
First issue– October 1971
Headquarters– London, United Kingdom (UK)
6) IRENA’s Low-cost finance for energy transition Report Praises India’s Renewable Energy Growth
A report titled ‘Low-cost
finance for energy transition’ produced by the International
Renewable Energy Agency (IRENA) praised India’s achievement in rolling
out renewable energy capacity, calling it “unprecedented”.
·
The report was prepared by
IRENA in conjunction with India’s G20 Presidency and in close collaboration
with the Ministry of New and Renewable Energy (MNRE) of India, offers valuable
insights concerning access to low-cost finance for the energy transition and
the deployment of critical technologies in particular
Key Points of the
Report:
i.India ranked third on the Renewable Energy Attractive Index in 2021
and India’s solar and wind power base is the fourth largest in the world.
ii.India’s renewable energy sector growth is being driven by national
targets of 175 GW of renewable energy capacity by 2022 and 500 GW of non-fossil
fuel capacity by 2030.
iii.IREDA:
·
Establishment of the
government-owned, non-banking finance company, Indian Renewable Energy
Development Agency (IREDA), in 1987 by the Ministry of New and Renewable Energy
is recognized by the report.
·
The report states that, IREDA
has been serving India’s renewable energy sector and the government’s ambitions
for the past 35 years and it has helped commission approximately 20 GW of
renewable energy capacity in the country through financing to renewable energy
developers
iv.Green Bonds:
·
The report mentioned sovereign
green bonds as a next logical step to showcase India’s commitment to building a
low-carbon economy, mobilise private sector capital for sustainable development
and lower the cost of capital for green projects by tapping into new investors.
·
During the 2021 United Nations
Climate Change Conference (COP26), India set net-zero emissions targets to
achieve by 2070.
·
The report estimated that
India would need USD 10 trillion between 2022 and 2070 to achieve them
to meet its 2070 net-zero target.
·
So far, overall green bond
issuance in India has grown significantly to USD 18.3 billion cumulatively,
with 2021 being the year with a record issuance of USD 7 billion.
v.India aims to reach about 50% of cumulative
electric power installed capacity from non-fossil fuel-based energy resources
by 2030.
vi.Climate finance, green development and lifestyle for the environment
(LiFE) are among the key priorities of India’s presidency of the Group of
Twenty (G20), under its chosen theme, Vasudhaiva Kutumbakam (“One Earth,
one family, one future”).
Note – International Renewable Energy Agency (IRENA) is an
intergovernmental organisation that supports countries in their transition to a
sustainable energy future, and serves as the principal platform for
international co-operation, a centre of excellence, and a repository of policy,
technology, resource and financial knowledge on renewable energy.
7) Security Council Extends UN Political Mission in Sudan for 6 Months
The United Nations Security
Council (UNSC) has agreed to extend the United Nations Integrated
Transition Assistance Mission in Sudan (UNITAMS) – United Nations(UN)’s
political mission in Sudan, for 6 months until the 3rd December
2023, as conflicts worsen in Sudan.
·
Adopting resolution 2685
(2023), UNSC also requested the Secretary-General of UN to
continue reporting on the implementation of the Mission’s mandate every 90 days
and decided to remain actively seized of the matter.
UNITAMS was created in June
2020 to support Sudan’s democratic transition after the fall of Omar
al-Bashir government.
The resolution reaffirms the Security Council’s commitment to Sudan’s
sovereignty, unity, independence, and territorial integrity.
BANKING & FINANCE
8) SEBI Issued Guidelines for Transactions in Corporate Bonds through RFQ platform by SBs
On June 2, 2023, the
Securities and Exchange Board of India (SEBI) issued guidelines for
transactions in Corporate Bonds (CBs) through the Request
for Quote (RFQ) platform by stock brokers (SBs) in order to increase
liquidity on the platform and to enhance the transparency and disclosure
pertaining to trading in the secondary market in corporate bonds.
Key Points:
i.SEBI has asked SBs to undertake at least 10% of their total
secondary market trades by value in CBs in that month by placing/seeking quotes
through one-to-one (OTO) or one-to-many (OTM) mode on the RFQ platform of
stock exchanges.
·
The instruction would be
applicable for all the trades in a proprietary capacity with effect from July
01, 2023.
ii.The value would be increased by 25% of their
total secondary market trades from April 1, 2024, onwards.
Note – This circular is issued by SEBI in the exercise of powers
conferred under Section 11(1) of the SEBI Act, 1992, to protect the interests
of investors in securities and to promote the development of, and
to regulate the securities markets.
About Securities and Exchange Board of India ( SEBI):
Chairperson -Madhabi Puri Buch
Headquarters – Mumbai, Maharashtra
Establishment – 12 April 1992
9) IRDAI Identified SBI Life as the Acquirer-Insurer of Business of SILIC
On June 2, 2023, The Insurance
Regulatory and Development Authority of India (IRDAI) identified SBI
Life Insurance Company Limited (SBI Life) as the acquirer–insurer of
the business of Sahara India Life Insurance Co. (SILIC).
·
In this regard, SBI Life shall
take over the policy liabilities of around two lakh policies of SILIC, backed
by the policyholders’ assets, with immediate effect.
Note: This decision has been taken by IRDAI in exercise
of its powers under sub-section (2) of Section 52B of the Insurance Act, 1938.
Key Points:
i.For the implementation of the Order in a timebound manner, IRDAI has
constituted a committee of Member (Actuary), Member (Life) and Member
(F&I).
ii.SBI Life has been instructed to engage with SILIC policyholders,
ensuring policy servicing and establishing a dedicated cell to address their
queries.
·
They are also required to
publish essential information on their website.
iii.IRDAI will closely monitor the situation, providing
further directions as needed to safeguard the interests of SILIC policyholders.
The SILIC Background:
SILIC was granted a Certificate of Registration (CoR) in 2004 for life
insurance. Due to financial and governance issues, an Administrator was
appointed in 2017, preventing the insurer from underwriting new business.
Despite multiple directions to meet regulatory requirements, SILIC failed to
comply and protect policyholder interests. The company’s portfolio is in a
run-off trend with increasing losses and claims. Consequently, on June 2nd,
2023, IRDAI decided to take the above mentioned action to safeguard SILIC
policyholders.
About SBI Life Insurance Company Limited (SBI Life):
SBI Life was incorporated in 2000 and was registered with IRDAI in 2001.
MD & CEO– Mahesh Kumar Sharma
Headquarters– Mumbai, Maharashtra
Tagline– Apne Liye.Apno Ke Liye.
10) RBL Bank Introduces ACE Fixed Deposit Scheme, offering up to 8.50% Interest Rate
RBL bank Ltd introduced a new fixed
deposit scheme named ‘ACE Fixed Deposit scheme’ with an interest of up
to 8.50% to provide better saving options for its customers.
Key Points:
i.Term – The Fixed Deposit (FD) scheme is available for terms ranging
from 12 months to 20 years, and the customers will have additional alternatives
for banks and prizes under the new plan.
ii.The minimum deposit value of the FD scheme is Rs 50 lakh and maximum
deposit value is Rs 2 crore.
iii.Eligibility – The scheme is available to both resident and
non-resident Indians.
iv.Under the scheme, the bank is offering 20 bps higher rate of
interest, over and above the regular callable deposits (Fixed Deposit with
premature withdrawal). Moreover, senior citizens and super senior citizens
getting 50 bps and 75 bps higher interest rate respectively.
Fixed Deposit Interest Rate:
RBL Bank has also revised its fixed deposit interest rates effective from June
1, 2023 and it offers an interest rate between 3.50% to 7.80% for regular
citizens for deposits below Rs 2 crore.
Under FD the bank offers, Senior Citizens (60 years to less than 80 years) with
an additional interest rate of 0.50% per annum (p.a) and Super Senior Citizens
(80 years and above) are eligible for an additional interest rate of 0.75% p.a.
·
Senior Citizens/Super Senior
Citizens rates are not applicable on Non-Resident Fixed Deposits (NRE/NRO).
About RBL Bank Ltd.:
Establishment – 6 August 1943
Headquarters – Mumbai, Maharashtra
MD&CEO – R Subramaniakumar
Tagline – apno ka bank
11) Karbon Card launched Card++, India’s 1st Mobile Based Expense Management Card
Karbon Card, a B2B (Business
to Business) payment solution provider, launched India’s first-ever
mobile-based expense management card namely ‘Card++’.
·
Based on the mobile-first
approach, it will address the challenges faced by startups and Small and
Midsize Business (SMB) by providing reliable and accessible expense solution,
thus, reducing disruptions caused by the use of multiple payment
instruments by SMBs.
Benefits:
i. A dedicated Android app for easy access anytime anywhere
ii. Uncapped cashback on spends.
iii. Customizable transaction controls on the app itself
Key Points:
i.The card is free to use and provides uncapped cash-back offers.
ii.Its features include allowing payments on platforms like Google,
Amazon, Swiggy, Ola, etc.
·
It offers a comprehensive and
user-friendly expense management experience with its 2-click sign-up process,
intuitive Android app for on-the-go access, and seamless top-up options.
iii.It aims to onboard a significant number of new
customers by the end of 2023.
About Karbon Card:
Founders– Amit Jangir, Kartik Jain, and Sunil Kumar
Co-Founder & CEO– Pei-fu Hsieh
Headquarters– Bengaluru, Karnataka
Establishment– 2019
ECONOMY & BUSINESS
12) Tata Group to Establish India’s 1st Lithium-ion Cell Manufacturing Gigafactory in Gujarat
On 2nd May 2023, Tata
Agaratas Energy Storage Solutions Private Limited, a subsidiary of Tata
Group, signed a memorandum of understanding (MoU) with the Gujarat
government to establish a lithium-ion cell manufacturing giga factory in
Sanand region, Gujarat.
This giga-factory in Gujarat will produce the 1st ever lithium-ion cells
in India. The plant is expected to start in less than 3 years
·
The MoU was signed under the
New Gujarat Electronics Policy 2022-2028, made under the guidance
of Chief Minister (CM) Bhupendra Patel.
·
This plant will have an
estimated initial investment of around Rs.13,000 crore and will have a
production capacity of 20 Gigawatt hours (GWh).
·
The plant will help generate
direct and indirect employment for some 13,000 individuals.
· The plant will help reduce Gujarat’s dependence on China and South Korea, which currently supply battery cells to India.
OBITUARY
13) Tongan Princess Mele Siu’ilikutapu Passes Away at 75
On 28 May 2023, Princess
Mele Siu’ilikutapu Kalaniuvalu Fotofili of Tonga, a member of the Tongan
Royal family and a politician, passed away in Auckland, New Zealand at the age
of 75. She was born on 12th May 1948 in Tonga, a Polynesian country.
She will be buried in Tonga at the Mala’e Kula Royal Tombs.
·
She was the eldest daughter of
Prince Fatafehi Tuipelehake and Melenaite Tupoumoheofo Veikune and the eldest
granddaughter of Her Majesty, the late Queen Salote.
·
She served as the 1st elected
female parliamentarian in Tonga from 1975 to 1977.
·
She also served as president
of the Langafonua Gallery & Handicrafts Centre, established by the late
Queen Salote to empower Tongan women with traditional skills and talents.
· She served as the patron of Tonga Health Society Langimalie Clinic (since 2018) and the Lapaha Council, Tonga’s 1st village council.
IMPORTANT DAYS
14) World Bicycle Day 2023- June 3
The United Nations (UN)‘s
World Bicycle Day is annually observed on 3rd June across the
world to promote the benefits of cycling and raise awareness about the social,
and economic importance of bicycles, which contributes to a cleaner
Environment.
·
The day also celebrates the
bicycle as a simple, affordable, reliable, clean, healthy, environmentally
friendly and sustainable means of transport.
Background:
i. In April 2018, the United Nations General Assembly (UNGA) adopted the
resolution A/RES/72/272 during its 72nd Regular session and proclaimed 3rd June
of every year as World Bicycle Day.
ii. The declaration was adopted by a consensus of 193 member states that
encouraged them to include bicycles in regional, international, and
sub-national development programmes and policies.
iii. The first UN-designated World Bicycle Day was observed on 3rd
June 2018.
About United Nations (UN):
Founded in– 24 October 1945
Secretary-General– António Guterres
Headquarters– New York, the United States of America (USA)
STATE NEWS
15) Maharashtra Cabinet launched new Portal “Maha Labharthi” for implementing “Shasan Aplya Dari” Scheme
In May 2023, the Maharashtra
Cabinet chaired by Chief Minister Eknath Shinde, launched an initiative
named ‘Shasan Aplya Dari’ (government at your doorstep) scheme
aimed at providing citizens the necessary information and full benefits of
various schemes of the government.
The state government of Maharashtra will now use a new portal called Maha Labharthi, which means mega
beneficiary, where all the state schemes will be enlisted.
The portal Maha Labharth developed by Maharashtra Knowledge Corporation
Limited (MKCL) will be used by the state government for effective
implementation of its Shasan Aplya Dari scheme.
Objective:
The objective of ‘Shasan Aplya dari’ is to take various benefits of
the government schemes at the doorstep of the common people without any
inconvenience.
Registration Process:
i. Once launched, the citizens can visit the MahaLabharthi website and
after filling the requisite information, he/she would get a list of government
schemes, which he/she wants to use and get benefits of it.
ii. The portal will also provide information about the government office
from where one can inquire about the government scheme and its associated
benefits and the necessary documents to avail of the benefits.
Authorisation Centre:
i. The Maharashtra State Certificate in Information Technology (MS-CIT)
centres as well as Common Service Centre (CSC) at the district level will
authorise the citizens, who are all eligible to visit and get the information.
ii. Upon filling the form, the citizens availing the government schemes
will be provided a letter signed by the Chief Minister (CM) and the deputy CM
of the Maharashtra state.
iii. The letter can be taken to the concerned government office or to a
place hosting the ‘Shasan Aplya dari’ program.
·
For this initiative, a
dedicated team has been set up in the CM’s office and 15,146 volunteers have
been appointed for the same across the state.
The district administrations
have organised two-day camps in their jurisdictions to ensure the success of
the initiative. They have set a target of providing benefits to around 75,000
locals under the campaign.
The funds from the Member of
Legislative Assembly Local Area Development Scheme (MLALAD) and the District
Planning and Development Committee (DPDC) were set to be used for the scheme.
About Maharashtra:
Chief Minister– Eknath Shinde
Governor– Ramesh Bais
Zoological Park– Balasaheb Thackeray Gorewada International Zoological
Park and Rajiv Gandhi Zoological Park (Peshwa Park)
16) TN govt signed 6 MoUs worth Rs 818.9 crores with Japanese Companies
On 29th May 2023, The Tamil
Nadu (TN) government signed six memoranda of understanding (MoUs) worth
over Rs 818.9 crore with Japanese Companies during Tamil Nadu Chief
Minister (CM) M K Stalin’s nine-day visit to Japan and Singapore.
·
The MoUs were signed in the
presence of CM of TN M K Stalin, at the end of an investors conclave, organised
by the Japan External Trade Organization (JETRO) in Tokyo, Japan.
Details of the MOUs:
i.On behalf of the Tamil Nadu Government, Tamil Nadu Industrial Guidance
Corporation (TN’s nodal agency for investment promotion and single window
facilitation) signed an MOU with KyoKuto Satrac, with an investment of Rs
113.90 crore, for the establishment of a 13-acre plant at Mambakkam in
Kancheepuram district, TN to manufacture trailers and trucks parts.
ii.Shimizu Corporation signed an MOU with Tamil Nadu
Industrial Guidance Corporation to undertake construction, engineering and
related business in Tamil Nadu.
iii.Mitsuba India Pvt Ltd signed an MOU with Tamil Nadu Industrial
Guidance Corporation to expand its plant at SIPCOT Gummidipoondi in Tiruvallur
district to manufacture spare parts for four and two vehicles at an investment
of Rs 155 crore.
iv.Sato-Shoji Metal Works signed an MOU for setting up a factory to
manufacture high-quality steel components used in the aerospace, defence and
construction equipment sector with an investment of Rs 200 crore.
v.Kohyei signed an MOU with Tamil Nadu Industrial Guidance Corporation
worth over Rs 200 crore to manufacture polycarbonate sheets, roofing
systems, and extrusion lines for electronic components for use in the
construction industry.
vi.Tofle signed an MOU with Tamil Nadu Industrial Guidance Corporation
worth over Rs 150 crore to manufacture stainless steel specialised
flexible hoses.
Other Highlights of CM’s visit:
i. In addition to this, a Memorandum of Understanding (MoU) signed with
Omron Healthcare, a Japan-based manufacturer and distributor of personal
healthcare products will set up a medical devices manufacturing plant in Tamil
Nadu at a cost of Rs128 crore.
ii.TN CM M K Stalin participated in a joint conference with JETRO to
invite Japanese companies to invest in Tamil Nadu and also invited major
Japanese companies to participate in the global investors’ meet in Chennai to
be held in January 2024.
Note – M K Stalin has signed 13 MoUs that would totally
attract investments worth more than Rs 1,130 crore in Singapore and Japan.
About Tamil Nadu:
Chief Minister– M K Stalin
Governor– R N Ravi
Airport– Chennai International Airport, Coimbatore International Airport
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